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26 STATISTICS OF THE AMERICAN IRON TRADE FOR 1894.
LOWEST TRICES OF IRON AND STEEL.
There have been three periods of particularly low prices for
iron and .steel in this country since the close of the civil war,
the first occurring after the panic of 1873, the second in 1884
and 1885, and the third from 1891 to 1895. The lowest quoted
prices in each of these periods for six leading products are given
in the following table. The quotations are per ton of 2,240
jwunds, except for bar iron, which is quoted by the 100 pounds.
Articles.
No. 1 anthracite foundry pig iron, at Phila..
Gray forge pig iron, Lake ore, at Pittsburgh..
Old iron T rails, at Philadelphia
Best bar iron, at Pittsburgh
Steel rails, at mills, in Pennsylvania
1873-79.
$16.50
16.00
19.50
1S.00
1.60
40.00
1884 85.
$17.50
14.00
17.00
16.50
1.50
26.00
1891-95.
$12.00
8.90
11.00
1.10
22.00
The lowest quoted price for No. 1 anthracite foundry pig iron
in the first period above mentioned was $16.50 in November,
1878. At that time the iron trade of this country, in sympathy
with the general depression which followed the panic of September
18, 1873, was in a state of extreme prostration. In 1893 the
price of No. 1 anthracite pig iron fell to $13.75, this quotation
ruling during November and December of that year. In April,
1894, the price fell still further to $12.50, at which it remained
until January, 1895, when there was a further decline to
812.00, at which point the price remained during the early
months of this year, advancing slightly in March. Gray forge
pig iron at Pittsburgh declined to 89.40 in April, 1894, recovering
to 810.15 in September, 1894, and falling as low as 88.90 in
March, 1895. The lowest quoted price for Bessemer pig iron at
Pittsburgh after the panic of 1873 was 819.50, reached in May,
1878, but in April, 1894, the price fell to 810.45. In the following
month the price rose to 813.50, owing to a prolonged
strike in the Connellsville coke region, but the decline which followed
reached 89.95 in January, 1895. The advance in the price
of coke, dating from April 1st, caused an increase in the price
of Bessemer pig iron at Pittsburgh to about 810.50 at the close
of March. Old iron rails at Philadelphia reached their lowest
quoted price, 811-00, in June and July, 1894, advancing later to
812. Best bar iron at Pittsburgh also reached a lower point in
the third period than in either of the other periods, the price in